Yes Bank among 7 stocks that can rally up to 50% in the near term

After showing a range-bound action in the last few months, the stock price (FSL) witnessed a sustainable upside last week. The stock is in an attempt of an upside breakout of the crucial resistance of the downsloping trend line at Rs 111 levels. We observe a formation of the higher bottom at Rs 100, which suggests a resumption of a positive chart sequence like higher tops and bottoms in the short term. Volume and RSI also show positive indications. One may look to buy FSL, add more on dips down to Rs 107 and wait for the upside targets of Rs 120 and Rs 129 in the next 3-5 weeks. Place a stop loss of Rs 104.

Analyst: Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After a sharp up move in October, the stock price shifted into a consolidation mode with volatility visible over the last few weeks. The stock is currently in an attempt of staging an upside breakout of the immediate resistance at around Rs 625-628 levels. The present consolidation movement post sharp up move is expected to be an uptrend continuation pattern for the near term. Positive chart patterns like higher tops and bottoms are unfolding on the daily timeframe chart and weekly RSI shows positive indication. One may look to buy Syngene, add more on dips down to Rs 605 and wait for the upside targets of Rs 680 and Rs 720 in the next 3-5 weeks. Place a stop loss of Rs 585.

Analyst: Nagaraj Shetti, Technical Research Analyst, HDFC Securities

The stock, after a strong consolidation in the range of Rs 15.50-17, is ready to rally. On the weekly chart, the private sector lender appears to be on the edge of breaking out of the cup and handle formation. It has staged a breakout from the downward sloping flag pattern. Buy the counter at current levels with a target of Rs 20 and then Rs 25 with a strict stop loss of Rs 15.

Analyst: Rakesh Bansal, Technical Analyst and Founder- IamRakeshBansal.com

Marksans Pharma is breaking out of a huge Inverse Head and Shoulder pattern. This pattern is in play for more than six months. When a price breaks out of a large pattern the ensuing price movement in the direction of the breakout can be huge. Marksans closed above its 200-day moving average. This suggests a major trend change. The company also came with very good half-yearly results. Marksans Pharma has the potential to rally towards Rs 70 and above that to Rs 80. Hold for at least 6-8 weeks. Keep a stop below Rs 45.

Analyst: Manish Shah, Independent Trading Coach

Exide Industries seems to be making a major long-term reversal. If we draw a trend line from the high of 2018 and try connecting the highs, then the price has breached a falling trendline. This trendline break is also supported by a Golden Cross where the 50-day moving average crossed above the 200-day moving average. Price also made a higher high and higher low pattern which suggests a major change in trend. Price should see a steady rally to Rs 200 and above that to Rs 240 over the next 6-8 weeks. Keep a stop below Rs 160.

Analyst: Manish Shah, Independent Trading Coach

Post the recent corrective phase, the stock has witnessed a pullback move in the last few sessions and has formed a ‘Higher Top Higher Bottom’ formation on the lower time frame charts. The volumes have gradually increased in the last few days indicating buying interest in the stock. Stock is trading in a ‘Channel’ and price volume action indicates the probability of a rally towards the higher end of the channel in the near term. Hence, traders can buy the stock around the current market price of Rs 347 for potential short-term targets of around Rs 367 and Rs 383. The stop loss on short positions should be placed below Rs 326.
Analyst: Ruchit Jain, Lead Research, 5paisa.com

After giving a breakout from the consolidation phase in the month of August 2022, the stock witnessed a good buying interest as the price up moves were supported by good volumes. Prices witnessed some pullback then but volumes were low during price corrections. The price volume action has again turned positive. The stock has given a breakout from a bullish flag pattern which is a bullish continuation pattern. The '20-DEMA' is acting as a support and the RSI oscillator is also hinting at a positive momentum. Hence, all the technical parameters are hinting at a probability of a continuation of the short-term uptrend and short-term traders can look for buying opportunities in the stock. Traders can look to buy the stock for around Rs 430 for a potential target of around Rs 450 and Rs 462. The stop loss for long positions should be placed below Rs 412.

Analyst: Ruchit Jain, Lead Research, 5paisa.com

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)